Sentence: No action shall be initiated by either party except in the courts of...

[Ksguo]

No action shall be initiated by either party except in the courts of competent jurisdiction and waive any and all rights to contest personal jurisdiction therein upon service of a summons.
Is this sentence grammatically correct?If not,how can it be corrected?

[Mister Micawber]

You need a subject for the verb 'waive'.
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Native English teacher at Mister Micawber's